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Wednesday, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the last years. T/C rates have fallen to very low levels and as a result the resistance that vessels were showing to further decrease on asset prices has started to show signs of cracking. The correction on prices has been evident on mostly larger tonnage.
On the VLs, which are 15-yrs old we have witnessed a large correction on asset prices, which was most pronounced during q2 of 2017. To put things into perspective the “GOOD NEWS” (319,430dwt-blt ’02, S. Korean) was sold to New Shipping in May 2017 for $21.0m, while the price for similar aged unit today remains at the same levels. An example of this is the “ROKKOSAN” (300,257dwt-blt ’03, Japan), which was recently sold to Greek buyers for $21.0m.
In the Suezmax sector, similar price elasticities are also explored. The 12-yr old “EUROGLORY” (166,647dwt-blt ’05, Croatia) was sold to Eurotankers in June 2017 for $20.5m, while the 13-yrs old sisters “UNITED KALAVRYTA” (159,156 dwt-blt ’05, S. Korea) and the “UNITED LEADERSHIP” (159,062 dwt-blt ’05, S.Korea), were sold to Greeks in May 2018 for region $18.0m.
In the Aframax sector we have noted a similar situation with regards to asset prices. However the number of transactions is greater compared to larger segments. This specific size has traditionally attracted the interest of the buyers looking at the bigger tonnages (Vls, Suezmaxes and Afras). Despite the big interest on the specific segment and the competition amongst buyers, asset values remained steadily negative. The “EUROFORCE” (106,361 dwt-blt ’02, Japan) was bought by Eurotankers on February 2017 for $11.5m, while on April 2017 both “BULL SUMATERA” (106,560 dwt-blt ’02, Japan) and the “KALIMANTAN” (106,548 dwt-blt ’02, Japan) were bought by Indonesian buyers for $10.5 each.
On the contrary within April 2018 the “GENER8 DEFIANCE” (105,538 dwt-blt ’02, Japan) sold for $10.2m and two weeks ago the “KRASNODAR” (115,605 dwt-blt ’03, S.Korea) was sold for $9.5m.
Lastly, the MR prices showed the biggest resistance. For a long period of time, sellers of 13-yrs old Korean/Japanese build MRs were declining offers below $10.0. An example is the “BORA” (46,718 dwt-blt ’04, S. Korea), which bought by Unibros during March 2017 for $11.4. The same prices have been noticed during q4 2017. The ex-“SEAWAYS ANDROMAR” (46,195 dwt-blt ’04, S. Korea) and the ex-“SEAWAYS ARIADMAR” (46,205 dwt-blt ’04, S. Korea), were sold to different Greek buyers for $11.2m each. However the picture is changing in 2018. The pressure and the low expectations in wet market have caused a reduction in asset values to levels below $10.0. Within June we have witnessed the below deals: The “ENDEAVOUR” (46,101 dwt-blt ’04, S. Korea) was sold to Greeks for $9.8m and the “BIENDONG MELODY” (45,937 dwt-blt ’04, Japan) was sold for $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
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